The proposal with reasons for it.
To supply the nation with money, it is humbly propos’d, that 40 commissioners be appointed by parliament, answerable to parliament for their administration, and the administration of the officers under them: the nomination of these officers being left to the commissioners.
That the commissioners have power to coin notes: which notes to be received in payments, where offer’d.
That a committee of parliament be appointed to inspect the management, and that none of the commissioners be members.
That the commission and committee meet twice a year at Whitsunday and Martinmass; their meetings, to begin 10 days before, and to continue 10 days after each term.
There are three ways humbly offer’d to the parliament, for giving out these notes: they in their wisdom may determine which will be most safe.
1. To authorize the commission to lend notes on land security, the debt not exceeding one half, or two thirds of the value: and at the ordinary interest.
2. To give out the full price of land, as it is valued, 20 years purchase more or less, according to what it would have given in silver-money, the commission entring into possession of such lands, by wadset granted to the commission or assigneys; and redeemable betwixt and the expiring of a term of years.
3. To give the full price of land, upon sale made of such lands, and disponed to the commission or assigneys irredeemably.
That any person shall have such bonds, wadsets, or estates assigned or dispon’d to them, upon paying in the value to the commission.